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Many people will have the dream of starting their own business or if one already has a business to expand it and build it into something better. Be it SMEs or MNCs everyone will have need of funds at one point of time or another. Banks provides Business loans just for that purpose.
Any person wanting to start a business or any individual wanting to expand their business need funds to do so. This is where individuals and entrepreneurs take loans at a previously agreed rate of interest and time. Without this working capital businesses cannot run smoothly. There are 2 types of business loans
1. Secured loans – This is the case where individuals and entrepreneurs provide collateral like inventory, land, machinery etc. Here the interest rate will be less2. Unsecured loans/Small business loans – This is the case where businesses take a loan without any collateral. The interest rates are highas the risk for the banks are high
The following documents are required along with your Business Loan application:
Your business loan can be repaid in following three ways.
The most common reasons to take business loans are as follows
Buying land or leasing a property to expand business operations when you feel that your business has grown large enough and scaling up at this moment is an opportunity that you do not wish to forgo, a business based on its growth projections can go for expanding operations more than once.
Technology has become a key driver in the information age of business, and since technology comes with a pre-set expiry date, there is always a demand to purchase or upgrade existing equipment and technology. Buying/leasing/replacing a new equipment that will help improve the production or operations of the organization, alternatively the equipment can also be leased, it is best to conduct a cost-profit analysis to determine whether to buy or lease. The advantage with buying equipment is that depreciation can be claimed each year apart from the first-year tax exemptions.
Most often small business would require immediate capital for the purchase of inventory stock or raw material. There may arise the situation where the demand for your product may be very high in the market. Businesses may not have the funds to get the raw materials to meet the rise in demand. This problem can be solved when individuals and entrepreneurs take loans to buy the inventory needed for production.
Many times, small businesses and entrepreneurs may not have enough working capitals to run their day to day activities. They will take short term loans till their own assets earn enough revenues to meet their operational needs.
If a business is looking to get a larger loan it is necessary for the company to have a good credit history. To make sure of this the individual or proprietors get short term loans and pay them on time to improve their credit history. Consistent repayment of borrowings will lead to a positive credit history.
For any business loan the tenure and interest rate are very important for the borrower. It is based on this that they will decide whether to go for the loan or not. As the amount required in business loans are usually high the rules and criteria for approval of business loans are also stricter.
The business loan can be offered to any person who is running a legitimate business and has good turnover. Different banks have different criteria and terms to validate and authenticate a person’s business. After all the evaluation the loan amount, tenure and rate of interest or even whether to provide loan falls under the purview and authority of the bank. Some of the parameters taken under consideration are
When taking a business loan, it should not just be the fact that you are taking a business loan because there is a shortage of funds, a proper analysis must be done to make the loan taken justifiable and only then can the funds be utilized effectively. The following are the factors to be considered when taking a business loan.
To encourage women, increase the number of women entrepreneurs and bring out the best from organisations such as the women Self Help Groups, the government has come up with various schemes that are aimed at helping women better their business. The schemes have had a positive effect and has resulted in an increase of number of women owned businesses.
There are 2 ways by which one can apply for a business loan.
Once your loan specifics are finalized, there are loan EMI calculators available online which can be used to know your Interest and Principle breakdown each month and also keep track of the amount paid and the amount pending which can be useful when planning to prepay the loan.
For existing customers, if you have a good standing and with good credit score and cashflows then you can negotiate better terms.
You can check the business loan status by contacting the customer care number or if you already have an account can login to your account and check the status there. You can also check with your account manager if you have been allotted one.
In India business loans usually range between 10% to 21%. It will vary from bank to bank based on the eligibility criteria defined by the bank.
You can get a small/startup business loan by applying for the loan from a bank through one of the sources made available to the customer. Which are online, customer care or directly visiting the branch. You need to match the eligibility criteria decided by the bank and provide the requisite documents before the loan can be approved.
You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through Electronic Clearing System (ECS) or a standing instruction to debit your account with the EMI amount
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